A business has just ended the calendar year with sales of $150,000 worth of merchandise that was
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A business has just ended the calendar year with sales of $150,000 worth of merchandise that was purchased during the year at a cost of $112,500. Although the business paid in full for the merchandise during the year, it has not yet collected any of the sales during the year. year.
Calculate Gross profit and cash flow for the year.
Related Book For
Fundamentals of Financial Accounting
ISBN: 978-0078025914
5th edition
Authors: Fred Phillips, Robert Libby, Patricia Libby
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